1inch Card
MastercardhybridKYC: required
3.0 / 5
Net Reward2.3
Availability2.0
Custody & Risk3.5
Features4.0
UX4.1
The 1inch Card is a prepaid Mastercard crypto debit card for UK and European Economic Area (EEA) users. Launched in April 2024, it enables spending cryptocurrencies where Mastercard is accepted with seamless crypto-to-fiat conversion at the point of transaction, featuring a self-custody-style flow that preserves user control of assets until purchase.
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Slug: 1inch-card
Our Verdict
Crypto holders who want to spend digital assets without manually converting to fiat first, DeFi enthusiasts who appreciate the self-custody model, European and UK residents who want crypto payment options, and regular spenders who can benefit from the cashback program on everyday purchases.
Pros and cons
Pros
- Self-custody model preserves asset control until point of purchase
- No monthly or annual fees, transparent fee structure
- 1-2% cashback with no staking requirements for base rewards
- Instant virtual card issuance after KYC approval
- Innovative credit features like interest-free CryptoDraft
- Multiple BXX staking tiers offering enhanced benefits
Cons
- 2% card spend fee plus 1.75% crypto-to-fiat conversion fee
- Limited geographic availability (UK and EEA only)
- Higher 2% cashback requires accepting rewards in BXX token
- Standard prepaid card limitations for hotel and car rental deposits
- BXX token has limited liquidity compared to major cryptocurrencies
- Crypto Life brand appears on FCA warning list (though underlying issuers are regulated)
Supported chains
BNB ChainBaseBitcoinEthereum
Supported cryptos
BNBBTCETHLTCUSDCUSDTXRP
Fees
Annual: None
Atm Uk: £2.50 per withdrawal
Monthly: None
Issuance: Free (virtual and physical)
Atm Non Uk: €3.00 plus 1.5% of transaction value
Crypto To Fiat: 1.75%
Fiat Withdrawal: 3.49% (bank transfer)
Crypto Withdrawal: 0.4% (excluding stablecoins)
Purchase Transaction: 2%
Stablecoin Withdrawal: 0.5%
Key Features
- Self-custody model maintaining control of assets until point of purchase
- Up to 2% cashback in BXX and 1% in BTC, USDT, or 1INCH
- CryptoDraft feature offers interest-free borrowing up to 10% of collateral value
- No monthly or annual fees with transparent fee structure
- Apple Pay and Google Pay integration for digital payments
- No staking requirement for base rewards program
- Instant crypto-to-fiat conversion at point of sale
- No foreign exchange (FX) fees beyond Mastercard's standard rates
- Available as virtual card immediately after KYC approval
- Higher credit limits available via optional BXX token staking
Limitations
- Currently only available in the UK and European Economic Area (EEA)
- 2% card spend fee plus 1.75% crypto-to-fiat conversion fee on each transaction
- 2% cashback option requires accepting rewards in BXX token
- May face standard prepaid card limitations with hotel/car rental holds
- Monthly cashback rewards capped at €4,800
- BXX token has limited liquidity compared to major cryptocurrencies
- Crypto Life brand appears on FCA warning list (though underlying issuers are regulated)
- Cannot be used where physical imprint or swipe is required (for virtual card)
- Standard Mastercard merchant category restrictions apply
Risks
- RegulatoryCrypto Life brand appears on FCA warning list as an unauthorised firm providing or promoting financial services without permissionAs of August 2024. However, underlying regulated entities (Monavate as issuer and Baanx for crypto activities) maintain proper FCA authorization.
- CounterpartyFiat balances are held custodially - if provider disappears, fiat balances are lostUnspent crypto remains accessible, but fiat balances in CL e-wallet are at risk
- MarketBXX token market risk - value can fluctuate affecting real value of rewards earnedSome users have reported challenges with BXX liquidity and conversion costs
- MarketSpending crypto via the card constitutes a taxable event in many jurisdictionsMay trigger capital gains tax obligations; card does not provide automated tax reporting
Rewards & Cashback
Notes: Cashback paid out monthly to user's account in selected cryptocurrency. Higher 2% cashback requires accepting rewards in BXX token.
Cashback Cap: €4,800/month (equivalent to €240,000 in monthly spending at 2% rate)
Reward Token: BXX, BTC, USDT, or 1INCH (user's choice)
Cashback Rate: 2% in BXX or 1% in BTC, USDT, or 1INCH
Eligibility Requirements: No staking required for base cashback rewards
Spending Limits
Notes: Monthly cashback cap of €4,800
Atm Monthly: High limits; withdrawals above €10,000/£10,000 require additional documentation
Daily Spending: €8,000 (or GBP equivalent)
Top-Up Methods
No pre-loading required - funds deducted from connected crypto wallet at purchaseCryptoDraft (crypto-backed credit)StableLoan (crypto collateral)
Processing Time: Instant conversion at point of sale
Banking & Financial Services
Credit & Loan Products
Loan Products
CryptoDraft: Interest-free crypto-backed credit line (0% APR on first 10% of collateral value). StableLoan: Fixed-term loans with predetermined interest rates.
LTV Tiers
CryptoDraft LTV tiers by BXX staking: $100 staked = 12% LTV, $500 = 20% LTV, $1,000 = 25% LTV, $5,000 = 35% LTV, $10,000+ = 50% LTV interest-free. StableLoan LTV tiers: $500 = 25% LTV, $1,000 = 33% LTV, $5,000 = 50% LTV, $10,000+ = can use BXX as collateral (max 10% LTV).
Interest Rates
Borrowing above 10% LTV incurs interest around 1% per month, up to maximum LTV around 60% depending on programme terms.
BXX staking yields: up to 25% APR/APY for 12-month BXX stakes (5% APY for 3-month, 7% for 6-month, 10% for 9-month). Rates subject to change.
Security Features
Features: Two-Factor Authentication (2FA) for account login and sensitive actions,Ability to freeze card instantly,Encrypted communications (HTTPS and app-layer encryption),Biometric authentication through wallet app
Mobile Wallet Support
Apple PayGoogle PayiOSAndroid
Best For
Crypto holders who want to spend digital assets without manually converting to fiat first, DeFi enthusiasts who appreciate the self-custody model, European and UK residents who want crypto payment options, and regular spenders who can benefit from the cashback program on everyday purchases.
Custody Model
hybridSelf-custody-style flow where funds stay in user's own wallet or CL account until conversion. Users control crypto private keys until the moment of purchase. Crypto is converted to fiat at purchase; fiat held custodially by issuer in segregated accounts.
Risk: If provider disappears, unspent crypto remains accessible, but fiat balances are lost. Fiat balances in the CL e-wallet are held in segregated accounts by the issuer (custodial).
Card Issuer & Compliance
Issuer Name: Monavate Limited
Kyc Required: true
Issuer License: FCA-authorised Electronic Money Institution and principal Mastercard member (FRN 901097)
Platform Licenses: Monavate Limited - FCA-authorised EMI (FRN 901097),Baanx.com Ltd - registered with FCA for certain cryptoasset activities
Availability
UK and EEA (31 countries). Not offered in the United States or other markets outside the UK and EEA.
Card Tiers
Standard
PhysicalStandard plastic Mastercard
None for base features
Fees
Issuance: Free (virtual and physical)
Monthly: None
MastercardApple PayGoogle Pay
Cashback: 1-2% depending on reward currency
Limited-edition design with purple/blue scheme and 1inch unicorn logoVirtual card issued instantly upon KYC approvalDaily spending limit €8,000High ATM withdrawal limits (€10,000+ requires additional verification)
Token Economics
BXX
Staking APY
3 months5% APY
6 months7% APY
9 months10% APY
12 monthsup to 25% APY
Merchant Restrictions
Hotels and car rentals- Standard prepaid card limitations - may face issues with security deposits and merchant holds
User Ratings
4.5/5.0 (544 ratings)
Trustpilot
4.1/5.0 (4,281 ratings)
Google Play
3.9/5.0 (580 ratings)
App Store
Positive: Seamless spending experience, Apple/Google Pay convenience, no monthly fees. Negative: BXX conversion can be cumbersome, reward payout delays, limited physical card availability initially.
Roadmap & Updates
Recent Updates:
- Monavate and Baanx have combined to form W3C Corp, a new global payments infrastructure group
Conclusion
The 1inch Card represents a significant advancement in bridging decentralized finance with everyday spending for users in the UK and European Economic Area. Its standout features include the self-custody model that maintains user control until the moment of transaction, the absence of monthly fees, and generous cashback rewards without staking requirements. The integration with the 1inch Wallet provides a seamless experience for users already in the ecosystem, while features like CryptoDraft and StableLoan offer financial flexibility beyond simple spending. However, the card does have notable limitations including geographic restrictions to UK and EEA, and a fee structure that includes a 2% card spend fee and 1.75% crypto-to-fiat conversion fee. Users should also note that while the card is issued by FCA-regulated entities, the Crypto Life brand itself appears on the FCA warning list.
Card launched: April 2024
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